Legacy Reserves Announces CEO Transition
February 04 2015 - 9:00AM
Legacy Reserves LP ("Legacy") (Nasdaq:LGCY) today announced that,
as part of the previously announced change in leadership roles,
Cary D. Brown, Chairman, President and Chief Executive Officer of
the general partner of Legacy, has submitted his resignation as
President and CEO of Legacy effective March 1, 2015. As
anticipated, the Board of Directors of Legacy's general partner has
appointed Mr. Paul T. Horne, currently Legacy's Executive Vice
President and Chief Operating Officer, as the new President and
CEO upon Mr. Brown's resignation.
Mr. Brown will remain actively involved with Legacy by
continuing to serve as its Chairman of the Board. He has served as
CEO of Legacy's general partner and as a member of its Board of
Directors since Legacy's formation.
Mr. Horne is a founding member of Legacy's executive management
team, and was added to the Board of Directors of Legacy's general
partner in December 2014. He has managed operations at Legacy and
its predecessor companies since 2000. Previously, he worked for
Mobil E&P U.S. Inc. in a variety of petroleum engineering and
operations management roles, primarily in the Permian Basin.
"We are pleased that we are able to make a smooth CEO transition
as part of our ongoing succession planning," said Bill Granberry,
chairman of the Nominating, Governance and Conflicts Committee of
the Board of Directors of Legacy's general partner. "As a Board, we
appreciate the excellent job that Cary has done as CEO. He has led
Legacy through a period of tremendous growth, with daily production
increasing from about 3,600 barrels of oil equivalent per day at
its initial public offering in 2007 to about 32,000 barrels of oil
equivalent per day in the third quarter of 2014. We are glad that
he will continue to provide leadership as Chairman of the Board. We
look forward to working with Paul as our new President and CEO. He
has also made great contributions to get us to where we are as a
partnership today, and we have complete confidence in his
leadership in his new role. We are fortunate to have these men of
outstanding skill and integrity leading Legacy."
About Legacy Reserves LP
Legacy Reserves LP is a master limited partnership headquartered
in Midland, Texas, focused on the acquisition and development of
oil and natural gas properties primarily located in the Permian
Basin, Mid-Continent and Rocky Mountain regions of the United
States. Additional information is available at
www.LegacyLP.com.
CONTACT: Legacy Reserves LP
Dan Westcott
Executive Vice President and Chief Financial Officer
432-689-5200
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